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Avangate Acquires 2Checkout to Expand Payment Flexibility and Broaden Market Reach
Combined company will bring a unique combination of eCommerce and subscription management solutions to market through various payment models across the globe.
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2Checkout Enhances APAC Support with Top Mobile Payment WeChat Pay
Leading eCommerce provider helps businesses looking to grow their market share in APAC reach over 600 million users. Payment method available off-the-shelf to all clients on the Avangate platform.
ATLANTA, GA - July 19, 2017 - 2Checkout (formerly Avangate), a leader in eCommerce, payments and subscription billing solutions, announces that it expands its support in Asia Pacific through WeChat Pay, a leading mobile payment method boasting more than 600 million users and 40% of the Chinese mobile market. This is in addition to the existing 2Checkout integrations with Alipay, along with local cards such as UnionPay, totaling over 95% coverage for digital payments in Chinese speaking markets.
WeChat, run by Chinese gaming and social media giant Tencent, is a large social media application with 938 million active monthly users globally, and embeds the WeChat Pay wallet. Given the immense popularity of WeChat Pay, accepting this convenient and secure payment method is an absolute must for vendors selling their products into Asia Pacific.
Using WeChat Pay with 2Checkout's Avangate solution does not require any additional integration or local entity from a vendor's perspective. The 2Checkout WeChat Pay option uses a simplified purchase flow designed specifically for mobile payments and supports safe storage of cards within the WeChat wallet, helping avoid chargebacks. Supporting WeChat Pay will enable 2Checkout customers to convert more prospects across Asia into buyers. Currently, 2Checkout's Avangate solution is one of only a few global commerce platforms that support WeChat Pay for all clients.
Erich Litch as CRO
"eCommerce is on the rise in China and every vendor needs to be able to support the prevalent payment options in this growing cashless, mobile-first market," said Erich Litch, Chief Revenue Officer, 2Checkout. "As a leading mobile payment method in APAC, WeChat Pay will accelerate our customers' growth in the region. In our early adopter program, starting June 2017, we saw a positive impact on conversion rates in the region, with increases of over 30%."
"Being able to accept WeChat Pay is now essential to our expansion in China," said Aaron Wu, CEO at Apowersoft. "Within weeks of activation, we have seen a significant uptake in WeChat Pay usage on our website (over 9%). This means that we are able to better serve the mobile-savvy Chinese visitors. Without 2Checkout's seamless support for WeChat Pay, we would be missing out opportunities which we can now capitalize on. This is a great addition to the payment methods we have available for China for years now, mainly Alipay and local cards."
WeChat Pay is available to all 2Checkout accounts using the Avangate digital commerce solution. Companies can sign up for 2Checkout's Avangate solution to start accepting WeChat Pay payments immediately and expand growth in Asia Pacific.